Home Depot Founder Arthur Blank Donates $50 Million to Atlanta’s Historically Black Colleges and Universities Through Foundation
The Arthur M. Blank Family Foundation announced Monday a $50 million donation to Atlanta’s historically black colleges and universities, aiming to close financial aid gaps that might otherwise prevent students from completing their degrees.
The money will support nearly 10,000 students through “scholarships” if they are approaching graduation in good academic standing and have exhausted all other sources of financial support. The goal is to increase graduation rates at Clark Atlanta University, Morehouse College, Morris Brown College and Spelman College, according to the foundation’s announcement.
“These grants are a material investment in hope,” said Fay Twersky, president of the foundation.
The 10-year commitment comes days after the Trump administration announced it would redirect nearly $500 million in federal funding to HBCUs and tribal colleges as a one-time investment. A similar amount would be cut at colleges with large numbers of Hispanic and other minority students, as part of other measures aimed at eliminating programs that promote diversity in higher education.
Arthur Blank’s net worth has grown to more than $11 billion, according to the Forbes list, since he retired as a co-founder of Home Depot in 2001 and became the owner of the city’s professional soccer and soccer teams, the Atlanta Falcons and Atlanta United.
Blank pledged to give away at least half of his wealth by signing the Giving Pledge, and his family foundation has donated more than $1.5 billion to date, philanthropy evident in hospitals, schools, museums, stadiums and the arts.
The gift is the foundation’s largest ever to Georgia’s HBCUs, following previous gifts such as $10 million to Spelman College for an innovation lab and $6 million to refurbish athletic fields at Clark Atlanta, Albany State, Miles College and Savannah State.
It’s money well spent, since Atlanta’s HBCUs contribute $1 billion in annual economic impact to the region, and HBCUs outperform all other institutions in moving students from the bottom 40 percent of household incomes to the top 60 percent, the foundation’s statement said.
“Our hope is that by helping more students graduate, launch successful careers and become alumni who give back, we are investing in a cycle of opportunity that will benefit young people and their families in Atlanta and communities across the country for years to come,” the foundation said.
Leaders from all four schools praised the foundation for meeting a critical need.
“This monumental investment will allow our students to remain focused on their academic pursuits and ensure that their talent, ambition, hard work and integrity, not their financial difficulties, will determine their future,” said Dr. F. DuBois Bowman, president of Morehouse College.
